First step Finance - **BANNED DIRECTORS STOLE +£6M**

[lynne49]

if any one else has had problems like me and you dont agree with their methods, then you can report them to the ministry of justice on 08454506858 and the office of fair trading on 08457224499

 

they were very helpful but they do go on how many complaints before theres an investigation

 

so if you want to complain then please do

[emmaquaz]

Hi all, I've been with first step useless for 2 1/2 years now and after reading this forum finally cancelled with them. I sent the letter recorded and listed the reasons for cancelling, mainly their shockingly poor service and mis-selling what they do (didn't realise they don't actually 'wipe out' unenforceable debts). 48 hours later I've received a letter saying we understand you're looking to make a DSAR and they've enclosed the DSAR form. There is no mention anywhere on their letter to me that I've cancelled my plan with them, is the DSAR something I should've sent with my cancellation letter or are they just stalling and playing games? Makes me mad that they also request the £10 fee for this when they have £2500 of mine in 'the pot' that I demanded be returned to me! Do I fill this in and send the tenner or write back demanding they re-read my letter?!

[lynne49]

hi

please be careful with them as i have just cancelled with them and have lost 2775, i have reported them to the ministry of justice and to officer of fair trading the numbers are on one of my threads,

 

i have written a complaint and waiting to hear back from them as i am going through the financial ombudsman and was told i have to formally write to them and give them 28 days to respond and send any copies of my letters and theres so they can investigate

 

i went with them because i thought it would get me debt free in 5 yrs but there now trying to say they said 10 yrs

 

they are nothing but liars and cheats

 

i have given the ministry of justice this web site so they can see how many people have been conned

 

so i urge any body to call and report because they work on the basis of how many people are unhappy in a small space of time

 

i am sorry that other people are experiencing this but in a way i am glad i not alone

 

good luck if you decide to fight this

[emmaquaz]

Yeah I'm prepared to fight for my money back, so glad I came across this site, just wish I had before I signed up with them! Sorry you're having such a tough time with them too. Between us all, we should be able to make the MoJ, the OFT etc, take notice of this company and put an end to their shoddy and outright rip-off [problem], selling practices.

 

 

Back to my question tho, does anyone know if I should be sending the tenner and filling in the DSAR? Am a bit worried coz I also sent a copy of the section 10 that Lord Tiger Putin posted a few pages back, and have since read what has happened with Nancysmile! Any advice on what I should be doing next much appreciated:???:

[BRIGADIER2JCS]

Yes you should do the SAR it's the only way

to get all the information.

[lynne49]

hi

i would personnally ring these numbers and contact financial ombudsman to find out

 

i dont no what this section 10 is or the DSAR

 

or speak with some one in the CAB

 

then go onto a site called get out of debt free dot org

 

as i am using there method to fight my debts with no out lay

 

a friend was debt free in a year

[lynne49]

hi me again

 

 

i have just looked it all up and yes i would say to send the fee in recorded delivery

 

as i am going to now i have seen it

 

i want this company to have as much hassle as possible and to show them they are dealing with the wrong people

[emmaquaz]

Thanks both, I will drag myself over the post office later and send it recorded. God it grates with me though that I have to send them £10 when they have so much money of mine already!

 

I'll ring those numbers you posted as well Lynne, and let you know what is said. Thanks again, it is a comfort knowing others are fighting the same fight, and I'll have a look at that site as well, debt free in a year sounds wonderful! lol.

[BRIGADIER2JCS]

Just be careful and wary of the ''promises'' that may

be made, if it sounds to good to believe, then it probably

is.

[victoria_siempre]

Hi Brig

 

I echo that. The site appears to be American and should be taken with a large pinch of salt; it includes some tactics that might be usefully deployed against bandits but no more than that. I remain of the view that collective practical experiences shared on CAG is the best source of strategy.

 

x

 

v

[MisterMystery]

New to this site. Was doing some research on first step finance, as my dad has been taken to the cleaners by them. I cannot believe how many complaints are on here and on MSE too, but they haven't been shut down or anything. Also, on there site, they say they are members of the 'DRF' - isn't that supposed to be the tradesbody that protects us from {edit} like First Step Finance!!! Hardly makes you confident in the whole debt help industry if a company like this, who have took £3000 off my dad, can be approved to join DRF and be granted a license by OFT. Incredible. Did anyone on here ripped off by these get any of their cash back by the way? Im off to the Financial Ombudsman to complain and encourage everyone else to do same to show OFT they have made a huge mistake endorsing FSF and the DRF should surely be ashamed?

Edited July 26, 2012 by BRIGADIER2JCS
Removed Crooks

[local_mole]

Hi all

 

I'm new to this site but I've got plenty of information regarding FSF. Firstly the DRF as a trade body do not heavily regulate the compaines they represent, hence the reason company's like FSF can operate the way they do. The main trade body for Debt Management company's is called DEMSA. The reason FSF say they are not regulated but these is because they are not a DMC they are a claims management company with is complete rubbish. If this company claims to manage your debt and help you get out the situation you are in then surely thet must be regulated by DEMSA ? Regarding your funds when you cancel with FSF if you have signed a contract with them then it would be very difficult to claim any money back and the best people to spak to to get it back would be the FOS.

 

The reason why they don't pay your money back is simple they can take 15% of the funds remaining. They will also try and tempt you to let them do full and final settlements and again its all about the 25% fee. All creditors know about FSF and how they get the funds so they are finding it increasingly more difficult to get settlements for less than 50%. Including the 25% fee you pay as you can see its clearly a lot easier to phone your creditors and do the settlements yourself.

 

Everything this company does for you, you can easily do it yourself for FREE all I would say is stay away !!!

 

The directors of this company are driving around in very nice cars from money they made from people who are desperate for help and struggling financially. DAYLIGHT ROBBERY !!!

[Toff]

Well, It's been a long while since i last posted, a long journey too but worth the wait.

I contacted the Fanicial Ombudsman Services with a complaint against this company.

After telling FSF that we were pulling the plug on them they distributed our pot out amoungst our creditors. So we lodged a complaint with FOS and WON!!!!!

I didn't expect to get all our money back but did get around half of what we paid in

The 2 yrs i spent with FSF i had paid in approx £2500..yesterday i recieved a cheque from FSF for £1702 but with a 26 quid tax fee...The cheeky twats!!! yes they informed the tax man and he wants £26 of it !

oh well...thats it, all done and dusted. Just hope that yous are as luky as me.

Good luck to all you and thanks for the use of the forum.

Regards.

Toff.

[diamondgirl]

Very well done Toff shows persistance pays off

 

DG

[jowide]

I ca

Edited October 10, 2012 by jowide

[sequenci]

You should ask what the creditors are likely to do whilst this 'pot' is being built up? As there is no legal, contractual, regulatory or trade association-based provision to protect the debtor.

 

By the way Jowide, are you a homeowner?

[Poor-Credit Borrower]

Hi Jowide and welcome to CAG

 

I think you need to be careful with First Step, but I believe they would be better than remaining with Harrington Brooks or other 'traditional' debt management companies. As you probably know by now (especially as you have read at least some posts on this thread), the rationale of First Step (FSF) is to ask for agreements for all your creditors and if there is no clearly signed agreement or if there are technical discrepancies they can challenge and then point out to the creditor that the debt is "unenforceable". Whether or not this means the creditor cannot still chase you is a bit unclear though.

 

If you have up to 4 or 5 creditors I'm sure you could do the process yourself, with help from others on this site, but if you have half a dozen or more it can be rather a lot to keep track of what is happening with them, and a company like FSF can do a lot of the hard work.

 

Yes, the charges you mention are correct - an 8% upfront fee of your declared initial debt, 15% of whatever is paid in regular payments to creditors and 25% of whatever they save you when they "write off" part of the debt or full & final settlement for part of the amount.

 

I'm sorry to hear about the experiences of Lynne49 and Emma, but my own scenario is not as bad as Lynne has outlined. I have now been with FSF for 3 1/2 years, and have also received a breakdown of fees. My originally declared debt was about £15,000 and I paid £1204.14 as the 8% fee. Set up fee (in those days) was £75 plus another £25 for the extra creditor fee. My non-pursual fee stands at £234.39, so rather less than Lynne's (in her post of 24th May 2012). As at the end of July 2012, I'd paid in £6189 and £5877 have been paid in total fees. However, my total debt reduction has been by £7,740.49 which is less than the fees I have paid.

 

My take on this is that if you (or anyone) is with FSF for the short term, then the amount of fees does outweigh any savings, but if you go with them and remain with them for the long haul, then eventually you do make a saving (though not all that much). With a traditional DM company, don't forget that their management fees are all on top of your original debt - also with DM co's there is never enough in the 'kitty' or 'pot' for them to be able to make full & final settlements. Yes, I do agree that they make their money not only from administration fees but from interest accruing in your money in the 'pot' with them too. But, in my own case, I only have 4 or 5 creditors left out of an original 16 or 17, and recently they have settled a Halifax credit card balance of mine at 50%. I anticipate being debt free well within one year (that is unsecured debts, of course).

 

The decision of where to go has to remain with you, but sequenci and other members of the site team and others who are 'authorative' if you hover your mouse on the green rectangles will give very good advice.

 

PCB

[brokebutnotbeatn]

NO, NO, NO. Avoid FS like the plague. 1) you can do it yourself. 2) you can use the free provider's e.g. CCCS. The 25% they 'save' you you can do yourself if you have been in a DMP for a while; the person you phone will have authroity to agree a 75% settlement without referring it up the chaim! CCA all your creditors to assess whether or not they hold an enforceable agreeemnt then extracate yourself from HB and run your plan yourself. No payments to those unable to provide an agreement in response to your CCA request and a percentage of those who do according to what monies you can raise.

[Desperate Daniella]

Hi jowide,

 

There is nothing FSF can do that you cannot do for yourself provided you are willing to really research all the companies you are dealing with and you will get unlimited help and it's free! To start with it is very time consuming but if you persevere and keep reading you will be saving yourself a lot of money.

 

I would suggest you start a thread for each creditor and post the links here. Make sure the title of the thread mentions the name of the bank or dca or both as this will attract people who know how to deal with them. If your agreements are old they may well be unenforceable and caggers can tell you where you stand as far as this aspect is concerned. You don't need FSF for that.

 

Good luck.

 

DD

[Poor-Credit Borrower]

Hi again,

 

Yes, on reflection, I agree with Desperate Daniella.

 

PCB

[Desperate Daniella]

Hi PCB,

 

I hope all is well with you. I'm glad to hear that you hope to be clear of most debts in a year.

 

DDxx

[lord_tiger_putin]

**************************** JUDGEMENT DAY *****************************

 

This has arrived, BIG time!! And these dancing clowns seems unable to handle it, they act like a spoiled child throwing his toys out of the pram!!

 

Their reign of impunity has ended and the DO NOT LIKE IT!!

 

Over the next couple of days I will post a lot of detail about the final outcome of the first phase of my action against these people who thought they could rip off people in need to meet their greed so that they can live in luxury and that it will continue interrupted.

[Poor-Credit Borrower]

PS - sorry, I meant Jess

[lord_tiger_putin]

This company is pure filth. Their modus operandi is to "milk" as much money as they can from people in need to whom they promise a truck full of lies to get them to sign up. They have absolutely no intention of getting anyone debt free and have no regard for the law whatsoever and believe they can act with impunity.

 

They got away with that for a long time but the tide has turned. I will post a lot of stuff in the coming days and how they "bragged" that they won all their FOS cases.

 

Even after the ombudsman himself found against them they still tried to play childish games in a silly attempt in trying to avoid paying. Only after the adjudicator seriously threatened them with legal action from the FOS did they settle. This whole process did exposed them to the FOS and they will probable find it now almost impossible to win any case.

 

I will not be surprised if this is the beginning of the end for these blood suckers!!

[silverfox1961]

Licence revoked

 

http://www.oft.gov.uk/news-and-updates/press/2012/107-12